Last week I applied for a measly $5k Household Auto Loan and was denied, received the letter yesterday and it listed 3 reasons for the denial: 1) insufficient credit history 2) insufficient income 3) (I am so upset I can't remember the 3rd) Anyhow, I called HAF and the reps couldn't help... they kept saying to resubmit another app, but that will mean another inquiry. The decision was taken based on my Equifax report. Insufficent C. History??? 17 months don't count??? Insufficient income??? isn't 40K/yr good enough??? Equifax pisses me off... I detect foulplay here... about the only positive is that I get to see my Equifax for free. Guys & Girls you are so welcome to opinions, I need an emotional lift !!
RE: INSUFFICIENT CREDIT HISTOR I think in their opinion..you dont have enough for them to be proved that they can rely on you for money.Dont let them get to you but dont try for another loan for at least another 6months.Dont add more inquiries but yet it builds more credit history and income on your end..You didnt mention how long you have been working.Many loans companies feel more confortable with someone who has at least 2 yrs income history..no matter how much the loan amount may be.again..dont let them get to you ..you will succeed..but also be patient cynthia
RE: INSUFFICIENT CREDIT HISTOR I've been working in the same place for 2 and a half years Cynthia... and yeah,... there's no way I am submitting another app. I've come down a little and will definitelly play the waiting game. Thanks for your comments !
RE: INSUFFICIENT CREDIT HISTOR As pissed off as you were, I would have ran my Equifax report on line at www.equifax.com and spent the 8.50. Then call the number listed and have them straighten out any info that is not accurate. Equifax has nothing to do with your income. Larry wrote: ------------------------------- Last week I applied for a measly $5k Household Auto Loan and was denied, received the letter yesterday and it listed 3 reasons for the denial: 1) insufficient credit history 2) insufficient income 3) (I am so upset I can't remember the 3rd) Anyhow, I called HAF and the reps couldn't help... they kept saying to resubmit another app, but that will mean another inquiry. The decision was taken based on my Equifax report. Insufficent C. History??? 17 months don't count??? Insufficient income??? isn't 40K/yr good enough??? Equifax pisses me off... I detect foulplay here... about the only positive is that I get to see my Equifax for free. Guys & Girls you are so welcome to opinions, I need an emotional lift !!
RE: INSUFFICIENT CREDIT HISTOR Hi Doug, Of course I know was on ALL my CRs, otherwise I wouldn't have even tried to apply, all Equifax info is accurate... that's what makes the whole situation bitter. I really have no idea how they came up with this kind of reasoning. I'll wait though.... 1 inquiry won't kill me. I will persevere. Thanks for your comment !
RE: INSUFFICIENT CREDIT HISTOR Household! Ouch Ouch Ouch! Bad tradeline to have on your credit history! Not good for the credit score! Avoid!
RE: INSUFFICIENT CREDIT HISTOR RM, Is there's something you know that I don't, please share it with every1. And sure, Household is a financial entity, and I hear that financial institutions tend to lower ones credit rating... but what harm can it cause in one's credit report, if the loan is paid in 2 months??
RE: INSUFFICIENT CREDIT HISTOR It's possible that with Household, 17 months is insufficient. I always go back to the criterion that Barry N, of late memory, got from an AmEx rep: 2 accounts for 2 years. I've applied twice to Sears, less than successfully. Each time, "length of credit history" was mentioned. I've had a lone Citibank account for 7 years, but my second oldest account dates from 10/99. So I don't meet the AmEx criterion, and Sears probably has a similar rule. Could Household also have such a rule? As for income, that may be after certain deductions (rent, mortgage, dependents, etc.) and relative to the size of the loan. If relative to your total debt load, it would usually be expressed as "ratio of debt to income," but Household could be unusually imprecise in giving reasons. Just a few things to think about.
RE: INSUFFICIENT CREDIT HISTOR Larry wrote: ------------------------------- Is there's something you know that I don't, please share it with every1. --- I don't know anything for sure. It's the general consensus among several knowledgeable posters on bayhouse.com that finance companies are bad tradelines to have, regardless of whether or not they're paid off. I have no reason to not believe them.
RE: INSUFFICIENT CREDIT HISTOR I see your point RichGuy... thanks for your insight... Time will be my best ally in the months to come as it'll mature all the cc(s) I own.
